PALO ALTO, Calif.--(BUSINESS WIRE)--
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Company, today announced its results for the fourth quarter of
2008.
"We are very pleased that our core business grew approximately 35% in
2008 as we continued to increase our market share. This growth
demonstrates that the initiatives we implemented in 2008 are generating
results for our Bank," stated Mark
D. Mordell, Chairman of the Board. "Although our core business has
grown, the Bank had a net loss in 2008. This loss was due primarily to
the substantial charge we incurred in the second quarter due to a
fraudulent loan and the decision to increase our loan loss reserves in
the fourth quarter because of the overall economic environment we are
experiencing," Mordell added.
Financial Results
In thousands
12/31/08 12/31/07 Increase
Assets $271,507 $200,451 35 %
Loans $201,886 $145,791 38 %
Deposits $247,998 $184,217 35 %
Shareholders' Equity* $22,634 $15,581
* The 12/31/08 Shareholders' Equity balance includes the impact of the
secondary stock offering concluded on 6/30/08 in which 690,800 shares
were issued and $8.6 million of capital was raised.
Quarter Ending Quarter Ending Year-to-Date Year-to-Date
12/31/08 12/31/07 12/31/08 12/31/07
Net Income ($1,220) $260 ($1,802) $839
(Loss)
Earnings
(Loss) Per ($0.47) $0.14 ($0.81) $0.45
Share
"Our Bank achieved substantial growth in loans, deposits and total
assets in 2008, while at the same time limiting the effect a 400 basis
point drop in the prime rate had on our net interest margin. This
discipline better prepares us for the challenging times ahead," said Kenneth
D. Brenner, the Bank's Chief Executive Officer.
About the Bank
The Private Bank of the Peninsula, a subsidiary of Peninsula Bank
Holding Company (OTCBB:PBKH), is headquartered in Palo Alto, California.
The Private Bank focuses on the banking needs of businesses,
entrepreneurs and business leaders, not-for-profit organizations and
individuals in the greater San Francisco Bay Area. A true community bank
with a team of veteran bankers, The Private Bank offers access to senior
level decision-makers who are dedicated to helping clients with all
their banking and financing needs. Personalized, responsive, exceptional
service is The Private Bank of the Peninsula's standard.
Source: The Private Bank of the Peninsula
Contact: The Private Bank of the Peninsula
Steve Leen, Chief Financial Officer, 650-843-2204